US PP November contracts fall 6 cents/lb with propylene

18 November 2011 16:16  [Source: ICIS news]

A polypropylene plantHOUSTON (ICIS)--US polypropylene (PP) contract prices fell 6 cents/lb ($132/tonne, €98/tonne) in November, following an identical drop in propylene contract prices, sources said on Friday.

US PP contract prices for November were at 69-71 cents/lb DEL (delivered) for homopolymer injection and raffia grade material, as asssessed by ICIS.

Much of the PP market has a monomer-based contract that follows the monthly polymer grade propylene (PGP) cost. PGP settled down to 58 cents/lb for November.

"We had hoped for a little bit more," said one buyer, who predicted prices could fall again in December.

While contract prices fell, spot prices for wide-spec material were rising, based on tight supply, sources said.

Producers said they were sold out for the month, and were offering very little material for the spot and export markets.

Major North American PP producers include LyondellBasell, ExxonMobil, INEOS, Total, Formosa, Braskem Americas, Pinnacle Polymers, ConocoPhillips and Flint Hills Resources.

($1=0.74)

For more on PP visit ICIS chemical intelligence
By: Michelle Klump
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